Fixed-term deposit, also known as a term deposit or time deposit, is a financial product offered by banks and credit unions. It’s an investment tool that allows you to earn interest on your money over a specified period of time. This type of investment is considered one of the safest forms of saving money.

When you open a fixed-term deposit account, you agree to lock away a certain amount of money for a predetermined period. This can range from several months to several years depending on your financial goals and the terms provided by the bank. During this term, your funds will earn interest at a rate agreed upon when opening the account. read more